Friday, April 2, 2010

Stratos announces refinancing discussions with Inmarsat

BETHESDA, USA: Stratos Global Corp., a leading global provider of advanced mobile and fixed-site remote communications solutions, has entered into preliminary discussions with its parent company, Inmarsat plc, regarding a loan from Inmarsat to support a refinancing of the outstanding Stratos long-term debt.

At December 31, 2009, Stratos had outstanding long-term debt comprising $209.3 million under its senior secured Term B facility and US$150.0 million of senior unsecured notes.

If Stratos successfully arranges financing from Inmarsat and determines to proceed with the refinancing, Stratos would expect to issue a notice of prepayment to holders of the Term B secured facility and a notice of redemption to holders of the senior unsecured notes during the second quarter. As these discussions with Inmarsat are preliminary, there can be no assurance that any such refinancing will occur.

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